Vinhomes looks to expand its serviced apartment business

George Sell George Sell Uploaded 28 May 2019

LinkedIn

Vietnam: Developer Vinhomes is aiming to achieve a 40 per cent increase in 2019 profits by expanding to cities outside Hanoi and HCMC.

The company's targets were announced at its annual general meeting (AGM) on Monday, the first since the company listed in May last year.

The AGM was chaired by Nguyen Dieu Linh, who was appointed chairwoman to replace Pham Nhat Vuong, founder and chairman of parent company Vingroup in February.

Vinhomes announced it plans to generate VND73.2 trillion ($3.13 billion) in revenue from its real estate business, a 90 per cent increase from VND35.8 trillion ($1.53 billion) in 2018.

With an additional VND3.9 trillion ($167 million) of revenue the company plans to receive from joint ventures with Vingroup, its parent company, and Vingroup's subsdiaries, Vinhomes hopes to raise its overall profit after tax figure by 40 per cent in 2019 to VND20.6 trillion ($880 million).

Vinhomes will also expand its serviced apartment leasing arm, Vinhomes Serviced Residences, and begin leasing office space in its urban complexes, she said.

Vinhomes operates in 17 urban areas in Hanoi, Ho Chi Minh City, Quang Ninh, Hai Phong, Thanh Hoa, Ha Tinh and Bac Ninh.

LinkedIn

Be in the know.

Subscribe to our newsletter »
Subscribe

Thank you sponsors